ya... i guess... but lets save more and wait for the ps3's prices to come down
Hmm, doesn't work in my book, consider this.
If you start saving now for a PS3 - you'll have to wait 18 months for a price drop (Sony's words not mine - they reckon definitely not before Xmas '08).
If you get a 360 now, you'll be able to play awesome next gen games, play Live online, while you wait the 18 months for your Blu-ray player, MGS4 and Final Fantasy.
Consider that most PS3 content is available on the 360 as well, but the 360 has 3x more AAA exclusives coming it's way this year alone. All that extra money you'd have to pay for the device you can invest in either great games, or if you don't have an HDTV you can put a deposit down on a nice big LCD - OR do "poor mans HD" by getting a 19" Widescreen PC Monitor and a 360 VGA cable (this isn't possible on the PS3 at all).
Also consider price point of entry - a PS3, extra controller, HD cable and a game will set you back ~R7500 - the same in a 360 bundle is available from Musica for R4000, which also includes the free headset. And in the end, when you get your PS3, you can also sell the 360.